1. © 2012 Cengage Learning

2. Transferring Title Chapter 5

3. © 2012 Cengage Learning In This Chapter How ownership of real estate is conveyed from one owner to another.

4. © 2012 Cengage Learning Deed Written legal document that transfers ownership of real property from one party to another. Statute of Frauds

5. © 2012 Cengage Learning Deed’s Essential Elements 1.Grantor/Grantee 2.Consideration 3.Words of Conveyance 4.Land Description 5.Signature 6.Delivery & Acceptance

6. © 2012 Cengage Learning Covenants & Warranties Written promises by the grantor that the condition of title is as stated in the deed together with the grantor’s guarantee that if title is not as stated she will compensate the grantee for any loss suffered.

7. © 2012 Cengage Learning Basic Warranties The grantor has not previously conveyed the same estate or any right, title, or interest to a person other than the grantee named in the deed. A warranty that the estate passed is free from encumbrances other than those specified at the time of the execution of the deed.

8. © 2012 Cengage Learning Acknowledge The grantor appears before a notary public and formally declare that he/she signed the deed as a voluntary act. Not necessary for a valid deed (not binding on third parties) but required to file deed for public record.

9. © 2012 Cengage Learning Deed Types General Warranty Deed Special Warranty Deed Bargain & Sale Deed Quitclaim Deed  Cloud on title  After acquired title Gift Deed Sheriff’s Deed

10. © 2012 Cengage Learning Warranty Deed

11. © 2012 Cengage Learning Quitclaim Deed

12. © 2012 Cengage Learning Other Types of Deeds Gift Deed Guardian’s Deed Sheriff’s Deed Correction Deed Tax Deed

13. © 2012 Cengage Learning Conveyance After Death Testate- with Will  Formal or witnessed will  Holographic Will – entirely handwritten  Codicil – written supplement Intestate – without Will Title by Descent (Heirs) Probate Court

14. © 2012 Cengage Learning Adverse Possession Unauthorized occupation of another person’s land for a period of time as required by law. Color of Title – plausible appearance of ownership interest. Statutes cover periods for 3 years, 5 years, 10 years, and 25 years. Possession may “tack on.”

15. © 2012 Cengage Learning Easement by Prescription Acquired by prolonged adverse use. Usage must be openly visible, continuous, and exclusive, as well as hostile and adverse to the owner. Use must have occurred over a period of 10 years.

16. © 2012 Cengage Learning Ownership by Accession Accretion – increase in land.  Alluvion – increase of land from accumulation of rock, sand, and soil.  Reliction - results when water recedes exposing land. Avulsion – when land is washed away by action of water.

17. © 2012 Cengage Learning PUBLIC GRANT OF LAND  A transfer of land by a government body to a private individual DEDICATION OF LAND  When an owner makes a voluntary gift of land to the public

18. © 2012 Cengage Learning Reversion Occurs when a deed contains a condition or limitation.

19. © 2012 Cengage Learning Alienation A change in ownership of any kind.

20. © 2012 Cengage Learning Key Terms Adverse possession Bargain & sale deed Cloud on the title Color of title Consideration Covenant Deed Grantee Grantor Quitclaim deed Warranty